First, I would say the Comptroller of the Currency, which is in the Treasury for administrative purposes, is legally independent, and the Secretary of the Treasury has no right to interfere. The Comptroller of the Currency is not subject to appropriation; so the Comptroller of the Currency is even more independent.
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I do think there is a tendency for an overreach by the FSOC. I do not think straightforward insurance companies or money managers should be covered and regulated as SIFIs.
One thing that not only Barney Frank, Ms. Barnes and also Sandra Day O'Connor, Justice O'Connor agreed on is that that Kelo decision stripped those three words out of the Fifth Amendment, 'for public use.'
I urge staff to pay close attention to the differences in products offered by nonbank institutions and to be mindful of Congress's intent in financial reform that State consumer protection laws be preserved to the extent possible.
The Consumer Financial Protection Bureau may not exercise any rulemaking, supervisory, enforcement, or any other authority including any authority to order assessments over a motor vehicle dealer that is predominantly engaged in the sale…
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